The Coles Group Ltd (ASX: COL) share price finished in the red today, despite electric vehicle (EV) news.
Coles shares fell 2.19% in today's trade to $18.32. For perspective, the S&P/ASX 200 Index (ASX: XJO) closed also closed 0.78% lower today.
Let's take a look at what is happening at Coles.
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Coles share price falls
The Coles share price dropped today but it was not the only supermarket giant to fall. The Woolworths Group Ltd (ASX: WOW) share price also fell 2.34%, as did the S&P/ASX 200 Consumer Staples Index (ASX: XSJ), slipping 1.87%.
In today's news, Coles has revealed it will introduce an electric truck to deliver products to New South Wales supermarkets.
This is part of a trial with Linfox Logistic, a transport partner working with Coles. Coles head of transport safety and sustainability David Clark said:
Coles' first electric truck is a big step to introducing alternate fuel technologies to our supply chain, and we are excited about the opportunity to see more electric vehicles delivering groceries to our distribution centres and supermarkets in the future.
We will continue to work tirelessly toward our Together to Zero sustainability ambitions, with hopes to one day introduce electric vehicles to support home delivery, as customers look to live and shop sustainably.
The initiative will reduce the company's carbon dioxide emissions by more than 60 tonnes.
It seemed ASX shares were suffering today amid rising inflation. The inflation rate has just hit 5.1%, Australian Bureau of Statistics (ABS) figures revealed today. This is its highest level in 20 years.
Coles share price snapshot
The Coles share price has surged nearly 17% in the past 12 months while it is up 2% this year to date.
By comparison, the benchmark ASX 200 index has returned about 3% in the past year.
Coles has a market capitalisation of about $24.5 billion based on the current share price.
